The Padgett Place in Cebu City was completed in January 2018, which means it is now approaching a decade of use. For a condominium building, that period often marks a transition where initial gloss fades and the realities of maintenance, management, and market positioning become clearer. With 10 units currently listed for sale and another 8 available for rent, there is enough activity in the building to warrant a closer look at whether it still holds its value or is starting to show its age.
That single review — a 4.7 out of 5 from a tenant named Adam Mortisia — paints a positive picture of the building’s service and location. But one data point is hardly a trend. To understand whether The Padgett Place is a smart buy or a fading asset, you need to look beyond the listing photos and examine what the building offers, how it compares to newer neighbours, and what the resale market is actually saying.
What The Padgett Place Offers — And What It Doesn’t
The building’s amenities are functional but not exceptional. A swimming pool, gym, and children’s area are standard fare for developments in this price bracket. What stands out more is the location — being near a main road in Cebu City is a genuine convenience, especially for tenants who rely on public transport. The distance to the airport, however, is a reminder that this is not a beachfront or resort-style property; it is an urban residential building aimed at professionals and small families.
Several listings explicitly mention “Foreign Quota,” which is a practical detail for overseas buyers. A 1-bedroom, 1-bathroom unit at 60 sqm is listed at $98,800, while a larger 2-bedroom, 2-bathroom unit at 79.50 sqm on the 14th floor goes for $193,000. These prices place The Padgett Place in a competitive middle segment of the Cebu City market, where newer buildings like Park Point Residences (completed Feb 2022) and Solinea by Ayala Land (completed Dec 2024) are also vying for buyers.
How The Padgett Place Stacks Up Against Its Neighbours
The real test for any aging condo is how it compares to newer developments in the same area. The Padgett Place is surrounded by projects that were completed after it, and several of them offer more modern finishes, larger amenities, or stronger developer backing. This is where the building’s age becomes a tangible factor rather than just a number on a brochure.
Consider the nearby projects. BPI Cebu Corporate Centre was completed in October 2018, just months after The Padgett Place, and offers sales prices from $208,520 to $680,170. Suarez Residences Cebu, a massive 1,218-unit development completed in December 2021, has prices ranging from $110,340 to $495,800. Park Point Residences, finished in February 2022, lists units from $215,140 to $810,910. These are not distant competitors — they are within walking distance, and they offer the advantage of being 3 to 6 years newer.
The price gap is revealing. A 2-bedroom unit at The Padgett Place at $193,000 sits near the lower end of what Park Point Residences charges for its entry-level units. That could be a value play for a budget-conscious buyer, but it also suggests that the market has already priced in the building’s age. The question is whether that discount will widen or narrow over time.
What Gets Missed When Evaluating an Older Condo
Most buyers focus on price per square metre and location, but several less obvious factors determine whether a building like The Padgett Place is a good long-term hold. These are the details that often get overlooked in a quick online search.
Maintenance Costs Rise With Age
A building completed in 2018 is entering the phase where major systems — plumbing, electrical, elevators, and roofing — begin to require more frequent repairs. The association dues, which cover these expenses, tend to increase over time. If the building’s reserve fund is underfunded, owners may face special assessments. There is no public data on The Padgett Place’s financial health, but this is a standard risk for any condo approaching its 10th year.
The Single Review Problem
With only one review on FazWaz.ph, prospective buyers have very little independent feedback to rely on. The existing review is glowing, but it is also four years old and written by a single tenant. There is no data on maintenance responsiveness, staff quality, or how the building handles issues like noise, pests, or water pressure. This lack of transparency is itself a red flag — buildings with active management tend to accumulate more reviews, both good and bad.
Resale Liquidity Could Tighten
With 10 units currently for sale, the building has a noticeable inventory. If demand does not keep pace, sellers may need to cut prices to compete with newer nearby projects. The presence of units listed as “Overpriced” on FazWaz’s own price rating system suggests that some sellers are already asking more than the market is willing to pay. A unit with a sale price of ฿1,299,999 and a FazWaz estimate of ฿179,999 carries a “Great Price” rating — but that is a Thai baht listing, which may indicate cross-border listings that complicate the pricing picture.
| Unit Type | Size (sqm) | Price (USD) | Price per Sqm (USD) | Floor |
|---|---|---|---|---|
| 1-Bedroom | 60 | $98,800 | $1,650 | — |
| Studio-style | 45 | $90,450 | $2,010 | 1 |
| 2-Bedroom | 79.50 | $193,000 | $2,420 | 14 |
| 3-Bedroom | 90 | $214,000 | $2,380 | 12 |
| Large Unit | 89 | $229,000 | $2,570 | — |
The table above shows a wide spread in price per square metre, from $1,650 to $2,570. That range suggests that unit condition, floor level, and view quality significantly affect pricing. A ground-floor unit at $2,010 per sqm is not necessarily a bargain if it lacks natural light or privacy. Buyers should physically inspect units rather than relying on online averages.
What to Do If You Are Considering The Padgett Place
If you are weighing a purchase or rental at The Padgett Place, the decision comes down to a few concrete actions. The building is not a disaster, but it is not a hidden gem either. Here is how to approach it.
Verify the Building’s Financial Health
Ask the property manager or homeowners’ association for the latest financial statements. Look for the reserve fund balance and any planned special assessments. A well-funded association is a sign that the building is being maintained proactively. If the association is reluctant to share this information, consider that a warning sign. You can also ask current tenants or owners — the building has only 1 review online, so word-of-mouth from residents is your best source of real data.
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Compare Unit Prices Against Nearby Newer Buildings
Do not evaluate The Padgett Place in isolation. Look at what Calyx Centre or Suarez Residences Cebu offers for a similar price. If a newer building gives you a better layout, higher floor, or better amenities for only a small premium, the older unit may not be worth it. The Padgett Place’s advantage is its lower entry price — but that advantage shrinks if you factor in higher future maintenance costs.
Inspect the Unit and Common Areas in Person
Photos can hide a lot. Look for signs of wear in the lobby, hallways, and amenities. Check for water stains, peeling paint, or malfunctioning fixtures. Ask about elevator downtime — a building with only one or two elevators that frequently break down becomes a daily frustration. Also, visit at different times of day to gauge noise levels, security responsiveness, and the overall atmosphere of the neighbourhood.
Consider the Rental Market
With 8 units for rent starting from $576 per month, the building has an active rental pool. If you are buying as an investment, calculate your potential yield. A $98,800 unit renting for $576 per month gives a gross yield of about 7% annually — decent by Philippine standards, but only if you can maintain that rent level. Newer buildings nearby may attract higher-paying tenants, which could push The Padgett Place’s rents down over time.
Frequently Asked Questions
Is The Padgett Place open for foreign ownership? ▾
How does The Padgett Place compare to Solinea by Ayala Land? ▾
What is the monthly rent range at The Padgett Place? ▾
Are there any red flags about the developer, Duros Land Properties? ▾
How far is The Padgett Place from Mactan-Cebu International Airport? ▾
Final Thoughts
The Padgett Place is not a building in crisis, but it is entering a phase where its age will become an increasingly important factor in its market performance. The lack of independent reviews, the small developer portfolio, and the competition from newer nearby projects all suggest that buyers and renters should do their homework carefully. If the price is right and the unit is well-maintained, it could still be a reasonable option — but the margin for error is thinner than it was in 2018. If this was useful, you might also want to read our critical look at Horizon 101’s Cebu condo hype.
Sources
Cityscape’s Grand Tower Cebu: The Most Forgotten Condo? — A similar deep dive into an older Cebu City condo facing market challenges.
The Padgett Place project page. FazWaz.ph, accessed 2025.
The Padgett Place listing. Dot Property Philippines, accessed 2025.
The Padgett Place sample computation. Cebu Dreamland, updated May 7, 2026.
